During NVIDIA's (NVDA, Financial) annual shareholders meeting, CEO Jensen Huang highlighted robotics as a significant growth area for the company, alongside artificial intelligence (AI). Self-driving cars are expected to be the first major commercial application of these technologies. Huang anticipates billions of robots and hundreds of millions of self-driving cars utilizing NVIDIA's technology.
NVIDIA recently merged its automotive and robotics divisions and reported quarterly revenue of $567 million in May, representing about 1% of its total revenue but reflecting a 72% year-over-year increase. Over the past three years, the company's revenue has surged due to strong demand for data center GPUs, with total revenue climbing from $27 billion in fiscal 2023 to $130.5 billion last year. Analysts expect this year's revenue to approach $200 billion.
NVIDIA shares hit a record high, elevating the company's market value to $3.75 trillion, surpassing Microsoft (MSFT) as the world's most valuable company. Despite its current small scale, the robotics sector is expected to grow substantially, necessitating NVIDIA's data center AI chips for software training and other chips for installation in autonomous vehicles and robots.
The shareholders approved the executive compensation plan and re-elected all 13 board members at the meeting.
